Jamie Dimon on Tricolor and First Brands crack-ups: 'When you see one cockroach, there's probably more'

""I do remind people we've had a bull market for a long time," Dimon said. "Asset prices are high, a lot of credit stuff that you would see out there, you will only see in a downturn.""

"CFO Jeremy Barnum said that non-bank lending is "a very, very broad space," and that lending to subprime auto-lenders is a different beast from "lending to like trillion dollar asset managers on a secured basis.""

""When you see one cockroach, there's probably more," Dimon said on the bank's third-quarter earnings call with analysts."

Bankruptcies of subprime auto-lender Tricolor Holdings and debt-heavy auto-parts company First Brands have raised concerns about the credit market. JPMorgan had no exposure to First Brands but took a $170 million hit from the Tricolor bankruptcy. CEO Jamie Dimon said his "antenna" is up and warned that "when you see one cockroach, there's probably more," noting asset prices are high after a long bull market. Dimon expressed hope the credit cycle will unwind "fairly normal" and said the bank will "scour all processes, all procedures, all underwriting." CFO Jeremy Barnum described non-bank lending as a very broad space and contrasted subprime auto lending with secured lending to large asset managers.

Read at Business Insider